The financial statements of Dubai Islamic Bank showed that the bank’s profits fell in the past year by 38% on an annual basis.
According to the bank's results for the Dubai Financial Market, today, Tuesday, last year's profits amounted to 3.16 billion dirhams, compared to 2019 profits of 5.1 billion dirhams.
The bank attributed the decline in profits during the comparative years to the allocations that the bank deducted to protect against any unexpected events, and that the bank is prepared to achieve a strong recovery in the near future.
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The bank's financial statements also showed that total revenues amounted to 13.14 billion dirhams, compared to 13.68 billion dirhams during the same period in 2019.
The board of directors recommended distributing cash dividends to shareholders for the past year at 20% of the nominal value of the share at 20 fils per share.
The proposed percentage of profits will reach 1.45 billion dirhams, if approved by the General Assembly on March 16th.
